Government targets US$10bn investment in four-year New Economy Programme

Government is targeting an investment of US$10 billion over the next four years under its proposed New Economy Programme, as part of efforts to reposition Ghana’s economy towards investment-led, export-oriented and job-intensive growth.

Presenting the 2027 Budget Statement in Parliament, Finance Minister Dr Ato Forson said the programme, which will run from 2027 to 2030, will be financed through two key fiscal measures.

“Right Honourable Speaker, we are going to invest 10 billion United States dollars equivalent over the next four years. This will finance the economy, the New Economy Programme, through two fiscal measures,” he said.

The first measure involves reducing the country’s primary surplus target by one percentage point of GDP over the period, from 1.5 per cent to 0.5 per cent, to create additional fiscal space for investment in productive infrastructure, industries and jobs.

“Simply put, we will reduce the primary surplus from 1.5 per cent of GDP to 0.5 per cent of GDP,” Dr Forson explained.

The second measure involves revenue mobilisation through tax reforms already approved by Parliament and compliance measures being implemented by the Ghana Revenue Authority (GRA).

These measures are expected to generate an additional 0.5 per cent of GDP to support the programme.

Dr Forson said the financing arrangement is intended to sustain investment in the economy while maintaining fiscal discipline.

“We will sustain it through 2027 to 2030 to fund the New Economy, while preserving macroeconomic stability and protecting our hard-won gains,” he told Parliament.

He stressed that the new growth strategy will move Ghana away from dependence on commodity windfalls and debt-financed consumption.

“Ghana’s new phase of growth must be investment-led, export-capable and job-intensive,” he said.

The Finance Minister further assured that all projects under the programme would undergo rigorous appraisal and value-for-money assessments, with government commitments properly budgeted and transparently reported